So far this year, the real estate market has not been going the way many prospective homebuyers had hoped. Home prices — already at all-time highs — have continued to climb and mortgage rates have risen much faster than expected.
While some buyers have forged ahead, others have put their home search on hold or have given up entirely because the rising costs have put ownership out of reach.
But as recession fears for the larger economy loom, the housing market is showing signs of slowing. Sales of new construction homes are down and construction is stalling. Sales of existing homes have dropped and are trending below 2019 levels. As mortgage rates remain above 5%, applications have fallen to their lowest level in 22 years.
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